Possible shorts on the Aussie...
In recent trading, the AUD/USD pushed higher for a second consecutive day, breaking through a H4 resistance at 0.7676 which is now being retested as support. The next upside target from this number is the 0.77 handle. While the bulls are displaying clear strength at the moment, there could be trouble ahead!
The weekly timeframe clearly shows the bulls heading into an oncoming trendline resistance extended from the high 0.7835. In addition to this, the daily timeframe reveals that a Quasimodo left shoulder at 0.7719 intersects beautifully with the said weekly trendline! Couple this with the nearby 0.77 psychological boundary and we have a feasible sell zone at hand.
Our suggestions: Basically, we will be watching the behavior of H4 price action once/if it connects with the 0.7719/0.77 area. Should a reasonably sized H4 bearish candle form within the walls of this zone, preferably in the shape of a full-bodied candle, then our team would certainly consider shorts and target H4 support at 0.7676 as an initial take-profit zone.
Data points to consider: Chinese manufacturing PMI at 2am. US Core PCE price index report at 1.30pm, followed by Chicago PMI at 2.45pm GMT+1.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 0.7719/0.77 (waiting for a reasonably sized H4 bear candle – preferably a full-bodied candle – to form before pulling the trigger is advised, stop loss: ideally beyond the candle’s wick).
The weekly timeframe clearly shows the bulls heading into an oncoming trendline resistance extended from the high 0.7835. In addition to this, the daily timeframe reveals that a Quasimodo left shoulder at 0.7719 intersects beautifully with the said weekly trendline! Couple this with the nearby 0.77 psychological boundary and we have a feasible sell zone at hand.
Our suggestions: Basically, we will be watching the behavior of H4 price action once/if it connects with the 0.7719/0.77 area. Should a reasonably sized H4 bearish candle form within the walls of this zone, preferably in the shape of a full-bodied candle, then our team would certainly consider shorts and target H4 support at 0.7676 as an initial take-profit zone.
Data points to consider: Chinese manufacturing PMI at 2am. US Core PCE price index report at 1.30pm, followed by Chicago PMI at 2.45pm GMT+1.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 0.7719/0.77 (waiting for a reasonably sized H4 bear candle – preferably a full-bodied candle – to form before pulling the trigger is advised, stop loss: ideally beyond the candle’s wick).
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